J
Johnzigler2
New Member
Hi all,
Brand new here and would like some advice on how we could structure this deal....
Out of the box-in the box, all options considered....
What is being purchased-
Currently there is a house and 2 bungalows (currently used as holiday lets)on one plot of land.
Original asking price £1.3M
Agreed sale price of £1.05M
Have had house valued at £800k ( residential mortgage)
Each cottage is worth £250k.
Need to maximise LTV.
Our thoughts-
option1. get vendor to split the titles and pay £800k for the house and £250k for the two bungalows. Problem is we then can’t release the true value from them.
Option 2. Buy it all on one title and split everything later. Problem is we would then have to bridge it and we don’t have enough deposit for that much of a bridge and it is very expensive.
Option 3. Buy house and 1 bungalow for £800k - split off bungalow later - using true value of othe bungalow as comparable later
Buy other bungalow for £250k.
Plus many other comutations running game round our head that may or may not work...
Any advice or other options would be welcome.
Thanks in advance...
Brand new here and would like some advice on how we could structure this deal....
Out of the box-in the box, all options considered....
What is being purchased-
Currently there is a house and 2 bungalows (currently used as holiday lets)on one plot of land.
Original asking price £1.3M
Agreed sale price of £1.05M
Have had house valued at £800k ( residential mortgage)
Each cottage is worth £250k.
Need to maximise LTV.
Our thoughts-
option1. get vendor to split the titles and pay £800k for the house and £250k for the two bungalows. Problem is we then can’t release the true value from them.
Option 2. Buy it all on one title and split everything later. Problem is we would then have to bridge it and we don’t have enough deposit for that much of a bridge and it is very expensive.
Option 3. Buy house and 1 bungalow for £800k - split off bungalow later - using true value of othe bungalow as comparable later
Buy other bungalow for £250k.
Plus many other comutations running game round our head that may or may not work...
Any advice or other options would be welcome.
Thanks in advance...